TK Files For Reorganization
NEW YORK – T.K. Productions Inc. Henry Stone’s label unit with ’70s success by such acts as K.C. & the Sunshine Band. George McCrae, Anita Ward, Peter Brown
and Betty Wright, has filed for reorganization under Chapter XI of the Bankruptcy Act. The filing took place in U.S. Bankruptcy Court here, where the company listed its headquarters at 1790 Broadway. also the home of Roule11e Records. whose Morris Levy made an investment in the ailing company earlier this year. According 10 court papers , executed on July 17, T.K. listed assets of $359,203 .83 and liabilities of $7,947.598.34, with secured claims of $2,482,440.91 and unsecured
claims of$5,465,157.43. In outlining its financial problems. Stone stated in the filing that the company has been unable to “sell its records as in 1he past” and that recording artists who are under contract have been “unable to produce a record which would be termed as a hit record.” However. Stone added that his business could “turn around to a very profitable business” with the success of one record. The 15 largest creditors listed are : Pickwick lnt’I, $741.939.17; Shelley Products, $688,853.31; Volunteer Record Pressing. $578,523.65; Piks Corp .. $443,760.69. Also, Record Merchandising. $397,997.96; PRC, $366,198.87: Album Graphics Inc., $332,978.05; Schwartz Bros.. $308,928.82: MS Distributor s, $284.822.51; Presswell Records , $220.162. I 5. Also, Flagship Bank, $ 160. 144.57; Florida Records, $ 145.296.63; VP$ Tape Inc., $ 137,335 .36; Queens Litho, $ 129.180.60; and Big State Distributing. $115,670.68.
From 1946 to 2014, Henry Stone ruled the Florida music industry with an iron fist, a brick of cash, and a warehouse full of vinyl. HSM is the last of over one hundred record labels he personally founded. This record label includes works from every decade in his sixty-five year career right up until today. Licensing available for film, samples, advertising, movies, video games, and more. Family owned and operated.